South Korea to lower fuel price caps, finance minister says

South Korea to lower fuel price caps, finance minister says SEOUL, June 26 : South Korea will lower its cap on fuel prices as part of efforts to curb inflation pressure, the finance minister said on Friday. "We kept the sixth fuel cap price unchanged this week due to uncertainty of the Middle East situation, but the seventh cap will be lower than the current level and maintained until consumer prices stabilise," Minister Koo Yun-cheol said. South Korea introduced nationwide fuel prices caps in March for the first time in decades, which authorities now adjust every month. South Korea's consumer inflation quickened in May to a more than two-year high of 3.1 per cent, exceeding expectations, driven by high oil prices triggered by the Middle East conflict and supporting the case for monetary tightening as early as next month. The government will make policy efforts to keep consumer inflation under 3 per cent in the second half of this year, Koo said.